India, April 1 -- Unilever Plc said talks to sell most of its food business to McCormick & Co. are advanced and a final deal could be announced later on Tuesday in a historic move that will transform both companies. The Anglo-Dutch maker of Hellmann's mayonnaise will offload most of its food unit, excluding some parts like its operations in India, for $15.7 billion cash upfront and the rest in McCormick equity, according to a statement Tuesday. Unilever did not provide further details on the equity component but said when the deal is completed it will have 65% of the combined company. The transaction will be carried out through a so-called Reverse Morris Trust, a type of merger that's designed to be tax-free. Under the terms of the deal as disclosed so far, it indicates that McCormick will be running a food business where Unilever still has majority control. Shares of Unilever were up slightly in early trading. The stock is down about 6% since the start of the year. For both companies the deal is the biggest in their histories and will help recast Unilever as a global leader in beauty, personal and home care while catapulting McCormick into a global spice, seasonings and condiments giant. Unilever has been selling food for nearly 100 years and owns power brands like Hellmann's mayonnaise and Knorr stock cubes as well as smaller regional products like Maille dijon mustard and Marmite spread. The transaction is a highly ambitious move by McCormick, which is best known for its red and white tins of spices and condiments like French's mustard and Frank's RedHot brands. McCormick is a much smaller company whose entire business only generates half the sales of Unilever's food arm. Big food businesses like Unilever have been struggling in recent years as less wealthy consumers pull back on spending or choose cheaper store brands. The popularity of GLP-1 weight-loss drugs also meanx users are eating less or choosing fresher food. Unilever Chief Executive Officer Fernando Fernandez has made it clear that going forward he sees beauty, personal care and wellbeing - not food - as the keys to future growth. The transaction for Unilever to create a new food company with McCormick has garnered mixed reactions. Some wrote earlier this month that the deal would improve procurement and manufacturing lines between the companies and allow Unilever to focus on its key growth areas....